By Nkiruka Nnorom
The equities market extended losses for the eight consecutive session today following sell-off in 33 companies, particularly Lafarge Africa, Nigerian Breweries Plc, Zenith Bank Plc and other banking stocks.
Analysis of the day’s trading showed that FCMB Group Plc, a banking stock, led the losers with 9.09 percent to close at N2.00 from N2.20.
This was followed by Japaul Oil and Maritime Services Plc, which declined by 8.33 percent to close at N0.22 from N0.24. Wapic Insurance Plc placed third, depreciating by 7.69 percent to close at N0.48 from N0.52; Diamond Bank Plc ranked fourth on the losers’ table, dropping by 5.11 percent to close at N1.30 from N1.37, while Africa Prudential Plc closed the list of top five losers, shedding five percent to close at N3.80 from N4.00 per share.
Consequently, the twin market indicators – the All Share Index, ASI, and the equities capitalisation – fell by 0.8 percent to close at 39,028.51 points from 39.323.62 points and N14.137 trillion from N14.244 trillion respectively.
Accordingly, the month-to-date and year-to-date returns moderated further to -5.40 percent and 2.08 percent respectively.
“In our view, downbeat prices have created opportunity for bargain-hunting in value stocks, as still-positive macroeconomic fundamentals suggest likelihood of gains in the medium to long term.
“However, continued sell-offs will likely cause cautious trading among investors to continue in the near term,” said analysts at Cordros Capital, a Lagos-based investment banking firm.